China Fiscal Spending Rises 3.6% YoY in Jan–Feb

2026-03-20 05:23 By Farida Husna 1 min. read

China's fiscal expenditure rose 3.6% year-on-year to CNY 4.67 trillion in the first two months of 2026, according to Ministry of Finance data released Thursday.

Central government spending increased 4.5%, while local government outlays grew 3.5%.

Notably, social security and employment spending climbed 8.6% to CNY 927.9 billion, and health expenditure jumped 17.3% to CNY 411.9 billion.

Meanwhile, fiscal revenue edged up 0.7% to nearly CNY 4.42 trillion.

Central government revenue fell 1.7% to about CNY 1.92 trillion, while local government intake rose 2.6% to CNY 2.5 trillion.

Tax revenue was broadly flat at CNY 3.64 trillion, up just 0.1%, while non-tax revenue increased 3.4% to CNY 776.1 billion, pointing to limited momentum in core fiscal inflows.



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China Fiscal Spending Rises 3.6% YoY in Jan–Feb
China's fiscal expenditure rose 3.6% year-on-year to CNY 4.67 trillion in the first two months of 2026, according to Ministry of Finance data released Thursday. Central government spending increased 4.5%, while local government outlays grew 3.5%. Notably, social security and employment spending climbed 8.6% to CNY 927.9 billion, and health expenditure jumped 17.3% to CNY 411.9 billion. Meanwhile, fiscal revenue edged up 0.7% to nearly CNY 4.42 trillion. Central government revenue fell 1.7% to about CNY 1.92 trillion, while local government intake rose 2.6% to CNY 2.5 trillion. Tax revenue was broadly flat at CNY 3.64 trillion, up just 0.1%, while non-tax revenue increased 3.4% to CNY 776.1 billion, pointing to limited momentum in core fiscal inflows.
2026-03-20
China Fiscal Revenues Drop 0.3% in H1
China's fiscal revenue fell by 0.3% in the first half of 2025 from a year earlier to CNY 11.56 trillion, the Finance Ministry said on Friday. The latest figure remained unchanged from the decline recorded in the January–May period. Tax revenue dropped 1.2% in H1 from a year earlier, while non-tax revenue grew 3.7%. Meanwhile, fiscal expenditure rose 3.4% year-on-year to CNY 14.13 trillion in the January–June period, easing from a 4.2% increase in the first five months, ministry official Tang Longsheng told a press conference.
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